Pet Food in Vietnam Market Size
| Study Period | 2017-2027 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | 6.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pet Food in Vietnam Market Analysis
The Vietnamese pet food market is projected to register a CAGR of 6.1% during the forecast period.
- The rising concerns among pet owners about the nutrition and health of their domestic animals are the main factors driving the growth of the pet food market in Vietnam. Major pet retail shops are situated in the popular urban centers of Saigon and Hanoi, Vietnam selling a limited range of products, mostly from international companies, priced in the economy to mid-price range. Also, growing pet care and veterinary activities in the country are boosting the market's growth. Higher disposable incomes, rising demand for other pet food, and busy consumer lifestyles support this growth.
- Additionally, many awareness programs are taking place supporting pet safety and are expected to raise the demand for pet food and pet care products in the country. In 2021, Four Paws International, a global animal welfare organization, called on Vietnamese people to show their opposition to the dog and cat meat trade and called on the Vietnamese government to end the trade.
- A Four Paws survey conducted in early 2021 across Vietnam found that the majority of Vietnamese want their government to take action, with a total of 91% saying the trade should be banned or discouraged. When asked if they would support a ban on the dog and cat meat trade, 88% of respondents said they would favor such a measure. Such measures are expected to drive the market’s growth at a faster pace.
- However, Vietnam is a very nascent market and recently opened up the consumer space, consumers need to be made aware of the different products, and the basics of pet healthcare are a challenge to the pet market. Despite these factors, Vietnam is a newly induced market space with lax regulatory structures, giving significant leverage to big players. International brands, especially mid-priced brands, are expected to maintain their leading positions in the category, as the presence of local brands remains negligible.
Pet Food in Vietnam Market Trends
This section covers the major market trends shaping the Vietnam Pet Food Market according to our research experts:
Specialized Pet Shop in Vietnam is Driving the Sales of Pet Food
- Pet humanization is highly seen in major urban cities like Ho Chi Minh City (Saigon) and Hanoi and secondary urban centers of Hai Phong, Can Tho, and Da Nang, Vietnam. According to United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), large concentrations of middle-class families in these places are usually in their 30s or older, with full control of family budgets, and responsible for all purchases that include pet food and pet services.
- Vietnam's pet food sector’s success will largely depend on the manufacturers' promotional strength and consumer interaction capabilities, which helps penetrate products into the country’s market quickly.
- Most of the specialized pet shops offer global brands that attract consumers. These specialized pet shops in Vietnam are family-financed due to very high leasing rates in urban centers, local products relying on expensive imports, supply chain and warehousing issues, a restrictive legal and business environment, and difficulties in obtaining investment and operating capital from financial institutions.
- Profit margins are slim as Vietnamese pet owners buy on price, as they prefer the economy to mid-priced products. The emergence of these modern pet retail shops is being developed by young, pet-loving entrepreneurs seeing the need to offer pet care products and services for small companion animals. Hence, the profit margins obtained by the customers with respect to the specialized pet shops are increasing the market for pet food in Vietnam.
Growing Export Market for Vietnamese Pet Food
Vietnam's pet product manufacturing sectors for export and local markets are developing. According to the International Trade Centre, the United States, China, and Cambodia are the major importers of pet food from Vietnam, with the United States holding a major share. Competition is fierce due to an abundance of inexpensive pet products of low to economical price ranges in the region. International manufacturers from Japan (Hotta) and the United States (RefinedKind Pet Products) have their pet products manufactured in Vietnam through private manufacturing agreements with local Vietnamese OEM companies. All these products are shipped and sold outside Vietnam.
Moreover, the American Feed Industry Association (AFIA) claimed that it continues to look for ways to improve the United States competitiveness and market access for pet food abroad, including prioritizing holding China to its recent trade commitments and pursuing new opportunities in Vietnam. In the past scenario, there is minimal competition and variety in the marketplace. However, now is the time for the United States pet food manufacturers to look toward Vietnam as a real potential growth opportunity. Such developments are expected to increase the demand for pet foods from foreign countries. Kim Binh Minh Co., Tran Danh Co. Ltd, and Lien Thang Manufacturer, Investment & Trading Co. are the leading top three manufacturers of pet products in Vietnam for the local and international markets.
Pet Food in Vietnam Industry Overview
The Vietnamese pet food market is relatively consolidated, with top global and regional players competing fiercely with local players to garner market share. Companies are increasingly investing in R&D infrastructure to develop continuous product development cycles. Nestle Purina Petcare Company, Mars Inc., Colgate Palmolive (Hillspet), Perfect Companion Vietnam Co. Ltd, and Happy Chews PetFood are some major players in the Vietnamese pet food market.
Pet Food in Vietnam Market Leaders
Mars Inc.
Nestle Purina Petcare Company
Colgate Palmolive (Hillspet)
Happy Chews PetFood
Perfect Companion Vietnam Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Pet Food in Vietnam Market News
- April 2022: Colgate-Palmolive launched its Prescription Diet pet food line, focusing on aspects like new formulations and packaging redesigns. This product line has been launched to deal with specific pet health concerns, introducing 66 total dry and wet foods and treats for dogs in the product portfolio.
- Feb 2022: Four Paws, Paws for Compassion, and Vietnam Cat Welfare launched the ‘Cats Matter Too Program’ to focus mainly on raising local awareness of keeping cats safe and offering free spay services to pet owners and local businesses.
- Nov 2020: Nestle Purina launches pet food products. The new line includes insects as well as plant protein from fava beans and millet.
Pet Food in Vietnam Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Dry Food
5.1.2 Wet Food
5.1.3 Treat/Snacks
5.1.4 Other Product Types
5.2 Animal Type
5.2.1 Dogs
5.2.2 Cats
5.2.3 Birds
5.2.4 Other Animal Types
5.3 Distribution Channel
5.3.1 Specialized Pet Shops
5.3.2 Online Channel
5.3.3 Supermarkets/Hypermarkets
5.3.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc.
6.3.2 Charoen Pokphand Group
6.3.3 Colgate Palmolive (Hill's Pet Nutrition)
6.3.4 Merric Pet Care
6.3.5 Archer Daniels Midland Co
6.3.6 Perfect Companion Vietnam
6.3.7 J.M. Smucker
6.3.8 Daejoo Co Ltd
6.3.9 See-All Aquariums Co Ltd
6.3.10 Happychews Pet Foods
6.3.11 Doggy Man Vietnam Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Pet Food in Vietnam Industry Segmentation
Pet food is a specialty food for domesticated animals that is formulated according to their nutritional needs.
The Vietnam pet food market is segmented by product type (dry food, wet food, treats/snacks, and other product types), animal type (dogs, cats, birds, and other animal types), and distribution channel (specialized pet shops, supermarkets/hypermarkets, online channel, and other distribution channels).
The report offers the market size and forecast in terms of value in USD million for the above segments.
| Product Type | |
| Dry Food | |
| Wet Food | |
| Treat/Snacks | |
| Other Product Types |
| Animal Type | |
| Dogs | |
| Cats | |
| Birds | |
| Other Animal Types |
| Distribution Channel | |
| Specialized Pet Shops | |
| Online Channel | |
| Supermarkets/Hypermarkets | |
| Other Distribution Channels |
Pet Food in Vietnam Market Research FAQs
What is the current Vietnam Pet Food Market size?
The Vietnam Pet Food Market is projected to register a CAGR of 6.1% during the forecast period (2023-2027).
Who are the key players in Vietnam Pet Food Market?
Mars Inc., Nestle Purina Petcare Company, Colgate Palmolive (Hillspet), Happy Chews PetFood and Perfect Companion Vietnam Co. Ltd are the major companies operating in the Vietnam Pet Food Market.
Vietnam Pet Food Industry Report
Statistics for the 2023 Vietnam Pet Food market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Pet Food analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
